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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 29</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2865 down 0.0030</u></div>
<div><u>Chicago corn closed higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 3.89 1/4 DEC18 HI 4.11 3/4</u></div>
<div><u> LOW 3.73 3/4 LOW 3.96 3/4</u></div>
<div><u> CLOSE3.87 3/4 Up 14 1/4 CLOSE 4.11 1/2 Up 14 1/2</u></div>
<div><u><br>
</u></div>
<div><u> OLD CROP BASIS NEW CROP BASIS</u></div>
<div><u>Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt</u></div>
<div><u>ELEVATORS +JUL18+JUL18+SEP18</u></div>
<div><u>CK Low 0.75 4.63 182.18 0.75 4.87 191.53</u></div>
<div><u>CK High 0.80 4.68 184.15 0.80 4.92 193.49</u></div>
<div><u>CK Avg 0.76 -0.27 4.64 182.50 0.76 -0.33 4.87 191.85</u></div>
<div><u>Essex Cty 0.75 4.63 182.18 0.75 4.87 191.53</u></div>
<div><u>Mdsx Low 0.75 4.63 182.18 0.75 4.87 191.53</u></div>
<div><u>Mdsx High 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Mdsx Avg 0.78 -0.26 4.65 183.16 0.75 -0.33 4.87 191.53</u></div>
<div><u>Hensall 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Bruce 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Putnam 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Burford 0.80 4.68 184.15 0.80 4.92 193.49</u></div>
<div><u>Port Perry 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Norfolk 0.80 4.68 184.15 0.80 4.92 193.49</u></div>
<div><u>Palmerston 0.75 4.63 182.18 0.75 4.87 191.53</u></div>
<div><u>Varna 0.80 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>Trenton 0.85 4.73 186.11 0.80 4.92 193.49</u></div>
<div><u>Winchester 1.03 4.91 193.20 1.09 5.21 204.91</u></div>
<div><u>North Gower 1.00 4.88 192.02 1.03 5.15 202.55</u></div>
<div><u>Huron FOB 1.00 4.88 192.02 0.80 4.92 193.49</u></div>
<div><u>Kent FOB 0.92 4.80 188.87 0.80 4.92 193.49</u></div>
<div><u>Lamb FOB 1.00 4.88 192.02 0.80 4.92 193.49</u></div>
<div><u>Mdsx FOB 0.80 0.75N/A N/A 4.68 184.15 0.75 4.87 191.53</u></div>
<div><u>FOB SW Que 1.44 5.32 209.34N/A</u></div>
<div><u>Track 1.15 5.03 197.92N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 0.88 5.00 196.64</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 1.15 1.15 1.20 1.00 5.12 201.37</u></div>
<div><u>Sarn-Eth 1.00 1.00N/A N/A 4.88 192.02N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A N/A N/A N/A 0.95 5.07 199.40</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A N/A</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.10 5.22 205.31</u></div>
<div><u>W O Feed 1.32 5.20 204.62</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.47 5.35 210.52</u></div>
<div><u>Toledo El. -0.12 3.76 148.09 -0.26 3.86 151.87</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 1/2 4.65 1/4</u></div>
<div><u>HI SD CRN 0.80 4.67 3/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2865 down 0.0030</u></div>
<div><u>Chicago soybeans closed moderately higher to higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 10.50 3/4 NOV18 HI 10.49 1/4</u></div>
<div><u> LOW 10.12 1/2 LOW 10.09 3/4</u></div>
<div><u> CLOSE10.44 3/4 Up 26 3/4 CLOSE 10.47 3/4 Up 31 1/4</u></div>
<div><u><br>
</u></div>
<div><u> OLD CROP NEW CROP</u></div>
<div><u>Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt</u></div>
<div><u>ELEVATORS +MAY1+JUL1+JUL18</u></div>
<div><u>CK Low 2.20 12.65 464.722.15 12.63 463.98</u></div>
<div><u>CK High 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>CK Average 2.20 -0.6212.65 464.722.19 -0.6312.67 465.45</u></div>
<div><u>Essex Cty 2.25 12.70 466.552.20 12.68 465.82</u></div>
<div><u>Mdsx Low 2.20 12.65 464.722.19 12.67 465.45</u></div>
<div><u>Mdsx High 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Mdsx Average 2.20 -0.6212.65 464.722.20 -0.6312.67 465.63</u></div>
<div><u>Hensall 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Bruce 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Putnam 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Burford 2.27 12.72 467.292.26 12.74 468.02</u></div>
<div><u>Port Perry 2.20 12.65 464.722.19 12.67 465.45</u></div>
<div><u>Norfolk 2.20 12.65 464.722.25 12.73 467.66</u></div>
<div><u>Palmerston 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Varna 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Trenton 2.20 12.65 464.722.20 12.68 465.82</u></div>
<div><u>Winchester 2.17 12.62 463.612.13 12.61 463.25</u></div>
<div><u>North Gower 2.13 12.58 462.142.20 12.68 465.82</u></div>
<div><u>Huron FOB 2.35 12.80 470.232.30 12.78 469.49</u></div>
<div><u>Kent FOB 2.35 12.80 470.232.20 12.68 465.82</u></div>
<div><u>Lambton FOB 2.25 12.70 466.552.25 12.73 467.66</u></div>
<div><u>Middlesex FOB2.31 2.40 2.40 2.42 12.76 468.762.26 12.74 468.02</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.65 13.13 482.35</u></div>
<div><u>Prescott 2.40 12.85 472.062.56 13.04 479.05</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.27 10.18 373.95-0.39 10.09 370.80</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2865 down 0.0030</u></div>
<div><u>Chicago wheat closed moderately higher.</u></div>
<div><u>MAY18 HI 4.55 3/4 JUL18 HI 4.72 1/2</u></div>
<div><u> LOW 4.41 1/2 LOW 4.59</u></div>
<div><u> CLOSE 4.51 Up 5 1/2 CLOSE 4.68 1/2 Up 5 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed lower.</u></div>
<div><u>MAY18 HI 5.92 SEP18 HI 6.06 1/4</u></div>
<div><u> LOW 5.75 LOW 5.91</u></div>
<div><u> CLOSE 5.78 1/2 Down 11 CLOSE 5.94 Down 11 1/2</u></div>
<div><u><br>
</u></div>
<div><u>GFO Cash Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 1.23 1.16 0.97 0.31</u></div>
<div><u>CAD $/bu 5.74 5.67 5.48 6.09</u></div>
<div><u>CAD $/tonne 210.83 208.46 201.37 223.83</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2017 Harvest 2018</u></div>
<div><u> DELIVERED BASIS DELIVERED BASIS</u></div>
<div><u>Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)</u></div>
<div><u>ELEVATORS</u></div>
<div><u>Brgssvll N/A N/A 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 0.97 1.23 0.84 N/A 1.21 0.95 0.89 N/A</u></div>
<div><u>Hensall 1.10 N/A 0.85 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.00 N/A</u></div>
<div><u>Bruce 1.10 1.10 0.85 0.25 1.15 1.00 0.90 0.50</u></div>
<div><u>Essex N/A N/A 0.75 N/A N/A N/A 0.83 N/A</u></div>
<div><u>Norwich 1.10 N/A 0.85 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Port Hope N/A N/A 0.90 N/A N/A 1.00 1.00 N/A</u></div>
<div><u>Kent Bridge 1.10 N/A 0.85 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Chatham N/A N/A 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Brigden N/A N/A 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Palmerston N/A 1.00 0.90 0.25 N/A 1.00 1.00 0.50</u></div>
<div><u>Varna 1.15 1.20 0.85 N/A 1.10 1.10 0.90 N/A</u></div>
<div><u>Mitchell 1.10 1.10 0.85 N/A 1.15 1.00 0.90 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.12 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.06 0.92 0.25 N/A 1.19 1.13 0.28</u></div>
<div><u>W O Feed 1.50</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.42 N/A N/A N/A 1.34 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.56US 5.87CA 4.64US 5.96CA</u></div>
<div><u><br>
</u></div>
<div><u>GFO Contract Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 1.21 1.08 1.02 0.29</u></div>
<div><u>CAD $/bu 5.90 5.77 5.71 6.23</u></div>
<div><u>CAD $/tonne 216.74 212.01 209.65 228.79</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 551.17</u></div>
<div><u>DDG's FOB Srn & Aylm 235.00 - 240.00</u></div>
<div><br>
</div>
<div>----</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for March 28, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, March 28, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.74<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>10.18<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>12<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.45<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
25<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.89<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.80<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.30<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7748<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.25<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Our pullback is still in progress. We have now reached our initial support at the $3.70 level on the May contract. From here I expect we could test the next level lower at the $3.50 - $3.60 level also on the May contract. Initial support is still at $3.70
while overhead resistance is still at $4 based on the lead month futures contract. Short term indicators are positive but the primary trend is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Soybeans had a dead hit on the long term trend line as we managed to get to the $10.80 level on the May contract before reversing and heading lower. This is a significant assault and I don$B!G(Bt expect it to give way without a fight. We are now regrouping
and testing support in the $10 level on the May futures before another challenge of the six-year-old down-trend line is attempted. </div>
<div>If we fail to find support at the $10 level, we could see a probe of the $9.50 level on the lead month without changing the dynamics of the technical. Either way, we are bound to take another shot at the important line in the coming season. </div>
<div>Initial support is seen on the May charts at the $10 - $10.20 level, while our overhead resistance level is still at the $10.80 level. </div>
<div>Indicators are mixed as the short term indicators are now negative, the intermediate trend is neutral, all while the primary trend is down. </div>
<div><br>
</div>
<div><br>
</div>
<div>Wheat: </div>
<div>The challenge on the eight-year-old downtrend line on the weekly chart failed and dropped quickly. We have now received a short term red sell signal on our charts. This would lead me to believe that we will test the $4.40 level on the May contract and
quite possibly slip lower in the coming weeks to look for support at lower levels. The weekly chart price was significant in that it hit a long term downtrend line and in hindsight it was a very good spot if you needed to price some wheat. </div>
<div><span style="font-size: 10pt;">Daily indicators are now bearish while the intermediate trend is still neutral, but the primary trend is still down. </span><br>
</div>
<div>A close above the $5.25 on the lead month contract could put our bear market at risk of turning positive for the first time in many years.</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, March 28, are as follows:</div>
<div>SWW @ $214.77 ($5.85/bu), HRW @ $210.03/MT ($5.72/bu), </div>
<div> HRS @ $234.92/MT ($6.39/bu), SRW @ $207.66/MT ($5.65/bu). </div>
<div><br>
</div>
<div>---</div>
<div><br>
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<p class="MsoNormal"><span style="font-size:10.0pt;line-height:115%;font-family:
"Courier New";color:#333333;background:#FDFDFD">Blair Andrews</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Editor, AgriLink and Farm Market News<span class="apple-converted-space"> </span></span><br>
<span style="background:#FDFDFD">University of Guelph, Ridgetown Campus<span class="apple-converted-space"> </span></span><br>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500" id="LPlnk278775" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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